The Department of the Treasury recently announced the issuance of an interim final regulation implementing a provision of the USA PATRIOT Act. It was published in the Federal Register on March 4, 2002.
The interim final regulation, effective March 4, 2002, permits certain financial institutions to share information amongst themselves for the purpose of identifying and reporting suspected terrorism and money laundering. Financial institutions must notify Treasury’s Financial Crimes Enforcement Network (FinCEN) of their intent to share information and ensure adequate steps to maintain confidentiality.
Enclosed is the interim final regulation.